7. THORWallet AMA 2022–04–07

4 min readApr 8, 2022

Dear THORWallet community,

Please find here the recording and summary of our seventh THORWallet AMA episode with the THORWallet Founder Marcel Harmann, hosted by Archon which took place live in Discord on the 7th of April.

These Weekly AMAs are a crucial instrument to keep users and community members up to date about recent developments and important news. We will talk about recent events, product development, introduce individual team members, discuss roadmap items, and more.

Summary of the Weekly AMA

If you just want to get the most important insights from the AMA, you can read the below summary.

Update on THORWallet’s KPIs:

First, let us have a look at the current download and usage statistics of THORWallet:

Total downloads: 21.000 (iOS: 12.500; Android: 8.600)
Weekly Active Users: 5.600+

We see a constant growth in download and usage numbers from week to week and are now able to measure the direct impact of various marketing initiatives on the above KPIs.

THORWallet Update

THORWallet won the Dubai Startup WorldCup

We traveled to Dubai’s World Blockchain Summit end of March to present our product to a larger audience. THORWallet took part in the Startup WorldCup together with 14 other participants and took home the 1st place!

We are very proud of this win as it proves our value proposition also outside the THORChain community we have mainly been communicating with until now. As a result we are discussing a growth round with various VCs. We will also release a press release about the competition in the coming days.

$TGT Staking & LP Rewards Update

On March 25th, we updated the $TGT single-side staking rewards as the ongoing promotion concluded. The APY is now set to 12.5%.

With the release of version 1.2 we then introduced the promised 80% APY rewards for liquidity providers in the $TGT — $RUNE pool.

In mid February, we made changes to the ongoing single-side staking promotion, which currently offers 40% APY and will continue until further notice.

Release of Version 1.2

We are proud to have shipped the major 1.2 update — which is our biggest update ever — to all platforms which brings significant improvements and new features!

Version 1.2 of THORWallet DEX brings you:

Trading of THORChain’s synthetic assets
Go-Live of our Mission Rewards
Manual gas fees for Ethereum-based transactions
Faster loading times (up to 20x)
More bug fixed and UI improvements

To further boost the adoption of synth trading in our application, we will soon integrate educational information and alerts so that users are better aware of the advantages of trading synths compared to native assets (higher settlement speed, lower transaction costs).

2022 Q1 $TGT Burn — 1.14M 🔥

On April 2nd we facilitated the burn of 1.14M $TGT tokens based on the Q1 2022 revenues. We are also very optimistic to increase the number of burned $TGT in Q2 2022 based on our projected user and revenue growth.

Integration of Moonriver & Moonbeam

As promised, we are working intensively to expand our offering towards networks outside the THORChain-supported blockchains. Our initial focus will be EVM-compatible chains and we are happy to present the first integration of this kind with the support of Moonriver & Moonbeam. Moonriver and Moonbeam are EVM-compatible networks based on Polkadot and Kusama allowing developers to easily port their applications from Ethereum to the Polkadot ecosystem.

$LUNA & $UST are coming to THORWallet DEX

One of the most urgent community questions has been “When LUNA/UST?”. We are already working on this and will enable the trading of $UST and $LUNA within our app in April. One to two weeks later we will also support storing and sending CW20 tokens on the Terra blockchain.

Upcoming Milestones

Web-based Version

With the rise of DeFi, we see more and more regulatory efforts to restrict the space and enforce regulations like KYC/AML. The recent decision by the EU commission regarding obligatory KYC-checks for non-custodial wallets is just one example for this.

We have been pro-actively monitoring these developments and decided already many months ago to mitigate risks in multiple ways. One way is to provide a web-based interface that can also be accessed from smartphones to reduce the dependency on App Stores.

We shared a first preview of how our web-based exchange will look like in below tweet and are confident to release it already in Q2 2022!

What else you can expect in Q2 2022?

Also in Q2 2022, you can expect the following improvements:

Referral program based on Mission Rewards
Yield statistics for liquidity providers
Integration of Terra blockchain
$TGT Staking Vaults with different timeframes and APYs
Anchor-integration for UST deposits (20% APY)
First FIAT on/off-ramp
Web-based exchange